Western Australia based Anglo Australian Resources (ASX:AAR) has placed 43 million shares at $0.035 to raise $1.5 million, before placement expenses.
The additional funds has been earmarked for development and exploration of the Koongie Copper Zinc Project located 25km south-west of Halls Creek in the Kimberley, an exploration drilling program at the Feysville Gold Project, plus to supplement working capital.
The placement was arranged by Bell Potter Securities.